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Brilliant!

February 12, 2008

I think I mentioned I’m re-applying to graduate school. I have 9/30 credits completed (through distance education while working) at “University A”, in the state I formerly lived in. I could continue on this path, taking 3 credits a semester (6 a year) and graduate in 3.5 years. University A is usually ranked in the 30s or 40s in my field.

My new job is more flexible about where you do your education.  I now have access to another (distance education) program at “University B” a top 10 university in my field.  Even better, they are on the quarter system, require just nine courses, and I can take four each year. They also will accept two transfer credits, meaning if they accept my application, I’ll be done in under two years! It’ll also be a boost to my resume, as I went to a relatively no-name undergrad university. It also probably will be a lot more work and a very difficult two years… but it should pay off big time in the long run.

I was already really sold on this idea but I just came up with yet another great benefit. At “University B”, each class is four credits, which by their system would classify me as a “half time” student. So what does that mean? Well, my student loans are Federal Subsidized Stafford loans, meaning while I’m enrolled in school at least half time, the government will pay the interest for me. I could also completely cease making payments if I wanted, freeing up $133 extra each month to invest/save. WOW! (I’ll have to decide exactly what I plan to do when/if this whole thing is a reality)

In dollar terms, what does this mean? Well, last month the interest on my loan was roughly $75, so if I’m in this program for roughly two years, it’ll save me about $1800. I can’t wait until September to get this started! Let’s hope that they accept me! I should find out within a few months!

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